Entrepreneurship in Small Business Management Report
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Added on 2020-07-22
Entrepreneurship in Small Business Management Report
Added on 2020-07-22
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ENTREPRENEURSHIPAND SMALLBUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Entrepreneurial ventures and the way they relate to the typology of entrepreneurship:.......1P2 Similarities and differences between entrepreneurial ventures:............................................2P3. Statistics, micro and small business impact on the economy:..............................................3P4 Importance of small businesses and business starts-ups to the growth of socialeconomy:....................................................................................................................................4TASK 3............................................................................................................................................6P5 Characteristic traits and skills of successful entrepreneurs:..................................................6P6 Entrepreneurial aspect's personality reflect entrepreneurial motivation andmindset:......................................................................................................................................7TASK 4............................................................................................................................................9P7 Background and experience can hinder or fosterentrepreneurship:........................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneurship in small business management identifies the way to make innovation inbusiness as well as manage and develop new ideas in business. Entrepreneurs have ability toidentify business problems and solve them with effectively communicating the ideas. Smallbusiness management is comprised start business to make new idea's, new techniques andtechnologies. Small business management is defined align-mates and coordinates of multipleactivity in organization. This report comprised all are the small business ventures and their typesand impacted on small business management (Burns, 2016). In this report also determined all thescope and development ideas and similarities in small business and characteristics traits ofsuccessful entrepreneur. Small business management has an ability to adopt innovation in theirbusiness and implement ideas to grow business. An entrepreneurship have skills to increasedbusiness and achieve goals and also have ability to maintained all the idea of business.TASK 1P1. Entrepreneurial ventures and the way they relate to the typology of entrepreneurship:Entrepreneur venture is owners of organizations who are attempts to make profitable forbusiness. An entrepreneur is about risk, failure and success and learn from it. Entrepreneurventure identified many context in which public, social, corporate etc. They also included start-ups of business and how to improved business ideas and techniques (Schaper and et.al. 2014).Entrepreneur ventures has four types defines the area where successful entrepreneurshipincreased their small business.1.Small business entrepreneur- Most of the entrepreneurs start their business at smallplatforms. In the UK, 5.7 million organizations start their business at small platforms.The small business definitions is success to feed the family and make profit. The smallbusiness such as Travel agents, internet commerce, store-fronts, plumber, consultants,carpenters, hairdressers, electricians etc. They are anyone who runs his/her own businessand they hire local employees or family (Storey,2016.). Small business cannot providethe scale to attract venture capital, they find their business via family/friends smallbusiness loan.2.Scalable Start-upEntrepreneurship- The entrepreneur start their business knowing fromday one that their vision could change the world. The scalable business attract theirinvestors to invest them. They convince investor to help financially. They hire the best1
and the brightest employees for business. Scalable business is trying to innovation in theirbusiness and trying to increase as well. The scalable start-ups in innovation cluster(Silicon Valley, New York, Shanghai, Israel, etc.)3.Large CompanyEntrepreneurship- The large company have finite life cycle. Theyalways remain their customers test, new competitors, new technologies, and legislationetc. large enterprises trying to developed innovation in their business and also growbusiness in large platform (Sahut and Peris-Ortiz, 2014). Large company create entirelynew products sold into new customers in new markets. The large company examines allthe marketing strategies and techniques and includes their idea in their business.4.SocialEntrepreneurship- Social entrepreneur is mostly focused on creating products andservices that solve social problems. Social entrepreneur making goals to make worldsbetter and place better, not to take market share. Social entrepreneur is always works onnot profit organization and profit both. Typology of business ventures defines all kinds of business ventures works in small platforms,they determine needs of business and their topology as well. Small business faced manyproblems but their entrepreneur is solved according to their minds they also having theiropportunities relates to their business and business needs.P2 Similarities and differences between entrepreneurial ventures:An entrepreneur takes risks in their business, the difference and similarities is highimpact on entrepreneurship both kinds of entrepreneur take risk and make goal in business(Goss, 2015). They manage and growing their business in various platforms and increasebusiness continuously. There is following example of those difference-Financial goals- Most of small business entrepreneur are looking to achieve financialindependence by building a profitable business that can pay them regular income. Incontrast, the high impact entrepreneur expects to achieve limited income from thebusiness and includes a substantial. The small business entrepreneur is primarily out togenerate income. In financially the small business entrepreneur started their business toinvest few and they also hire family and friends so they store some money from anotherinvestment.Risk profile- The small business entrepreneur is typically tackles a business opportunitywith potential to generate a decent living ideas. Small business entrepreneur is always2
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